Financial accounts of the non-financial sectors 2020Q4
Published on the 27th of April 2021
NON-FINANCIAL CORPORATIONS![]()
| FINANCIAL TRANSACTIONS | Years | Quarters (SA) | |||||
| EUR billions | 2019 | 2020 | Q1 2020 | Q2 2020 | Q3 2020 | Q4 2020 | |
| Financial investment (a) | 31.3 | 208.7 | 31.0 | 141.0 | 18.0 | 18.8 | |
| - Currency and deposits | 53.5 | 156.6 | 51.2 | 105.0 | 18.7 | -18.3 | |
| - Securities | -13.1 | 44.4 | -39.5 | 41.4 | 9.0 | 33.5 | |
| debt securities | 3.7 | -8.5 | -8.9 | -4.1 | 7.2 | -2.7 | |
| money market fund shares | -9.4 | 60.2 | -28.9 | 47.6 | 3.6 | 37.9 | |
| non-MMF invesment fund shares | -7.4 | -7.3 | -1.7 | -2.1 | -1.8 | -1.7 | |
| - Other net financial assets (b) | -9.1 | 7.7 | 19.3 | -5.4 | -9.7 | 3.6 | |
| Financing | 107.8 | 240.7 | 46.8 | 134.7 | 19.4 | 40.0 | |
| - MFI loans | 50.7 | 152.0 | 43.4 | 69.5 | 17.2 | 21.9 | |
| - Debt securities | 39.3 | 77.6 | 7.7 | 56.5 | 9.7 | 3.8 | |
| - Shares and net equities (c) | 17.8 | 11.1 | -4.3 | 8.7 | -7.5 | 14.3 | |
(a) are excluded here several residual items
(b) mainly cross-border intercompany lending/borrowing
(c) including direct investment (equity capital and reinvested earnings)
(b) mainly cross-border intercompany lending/borrowing
(c) including direct investment (equity capital and reinvested earnings)
In the 4th quarter of 2020, the financing of non-financial corporations (NFCs) rises compared to the previous quarter, driven by a pickup in shares and net equities issuances. MFI loans transactions increase slightly, while debt securities issuances slow. Financial investment of NFCs continues to grow, due to an increase in MMF shares transactions partly offset by a decrease in deposits. In addition, transactions of other net financial assets rise again.
In 2020, financing increases sharply, due to increased MFI loans and debt securities issuances in the 2nd quarter, at the beginning of the health crisis. Financial investment rises significantly in 2020: this increase is a result of the high transactions in the 2nd quarter, caused by a rise in deposits and a pickup in acquisitions of MMF shares.
In 2020, financing increases sharply, due to increased MFI loans and debt securities issuances in the 2nd quarter, at the beginning of the health crisis. Financial investment rises significantly in 2020: this increase is a result of the high transactions in the 2nd quarter, caused by a rise in deposits and a pickup in acquisitions of MMF shares.
Flows of financial investment and financing (SA)![]()
EUR billions
(*) Accounting discrepancies can occur between yearly figures and the sum of quarterly flows due to rounding differences in the series used.
GENERAL GOVERNMENT![]()
| FINANCIAL TRANSACTIONS | Years | Quaters (SA) | |||||
| EUR billions | 2019 | 2020 | Q1 2020 | Q2 2020 | Q3 2020 | Q4 2020 | |
| Financial investment (a) | 16.1 | 92.6 | 15.7 | 118.1 | 19.7 | -60.9 | |
| - Currency and deposits | 11.7 | 105.6 | 17.5 | 121.3 | 24.5 | -57.7 | |
| - Securities | 4.4 | -13.1 | -1.8 | -3.2 | -4.8 | -3.2 | |
| debt securities | 0.1 | -10.5 | -0.7 | -7.6 | 0.5 | -2.8 | |
| net equities | -1.7 | -2.6 | -0.3 | -0.5 | -1.3 | -0.4 | |
| invesment fund shares | 6.0 | 0.0 | -0.8 | 4.9 | -4.0 | 0.0 | |
| Financing | 84.8 | 316.5 | 42.1 | 204.9 | 39.9 | 29.5 | |
| - Deposits | 11.3 | 29.3 | 7.5 | 20.8 | 2.5 | -1.5 | |
| - MFI loans | 1.5 | 1.1 | 1.4 | 1.5 | -0.5 | -1.3 | |
| - Debt securities | 72.0 | 286.1 | 33.2 | 182.6 | 37.9 | 32.3 | |
(a) are excluded here several residual items
General government financing slows in the last quarter, driven by lower debt securities issuances. Financial investment falls sharply, due to a decline in deposits. This decrease follows the significant rise in cash flows in the 2nd quarter, in the context of the COVID-19 pandemic. Investment in securities declines, particularly in debt securities.
In the year 2020, financing increases sharply, due to large debt securities issuances in the 2nd quarter. Financial investment also increases, to a lesser extent than financing, driven by a rise in deposits in the 2nd quarter partially offset by their reduction in the last quarter.
In the year 2020, financing increases sharply, due to large debt securities issuances in the 2nd quarter. Financial investment also increases, to a lesser extent than financing, driven by a rise in deposits in the 2nd quarter partially offset by their reduction in the last quarter.
Flows of financing investment and financing (SA)![]()
EUR billions
(*) Accounting discrepancies can occur between yearly figures and the sum of quarterly flows due to rounding differences in the series used.
HOUSEHOLDS![]()
| FINANCIAL TRANSACTIONS | Years | Quarters (SA) | |||||
| EUR billions | 2019 | 2020 | Q1 2020 | Q2 2020 | Q3 2020 | Q4 2020 | |
| Financial investment (a) | 129.7 | 205.2 | 44.2 | 79.8 | 44.4 | 36.9 | |
| - Currency and deposits | 88.7 | 162.5 | 30.6 | 64.0 | 33.8 | 34.1 | |
| of which transferable deposits | 40.7 | 82.0 | 18.4 | 34.4 | 15.4 | 13.8 | |
| passbook savings | 32.3 | 65.9 | 10.0 | 23.4 | 15.7 | 16.7 | |
| home saving plans | 6.3 | 8.6 | 2.1 | 2.7 | 1.9 | 1.9 | |
| - Securities | -0.5 | 27.9 | 11.4 | 14.9 | 6.8 | -5.2 | |
| debt securities | -4.5 | -1.6 | -1.3 | -0.1 | 0.2 | -0.4 | |
| listed shares | -2.3 | 13.1 | 2.8 | 4.2 | 2.6 | 3.5 | |
| unlisted shares and other equities | 19.0 | 18.5 | 6.9 | 4.1 | 5.3 | 2.2 | |
| money market fund shares | -0.9 | -0.3 | 0.1 | 0.0 | 0.3 | -0.6 | |
| non-MMF invesment fund shares (domestic plus rest of the world) | -11.8 | -1.9 | 2.9 | 6.7 | -1.6 | -9.9 | |
| - Life insurance contracts | 41.5 | 14.8 | 2.2 | 0.9 | 3.8 | 8.0 | |
| of which non-unit linked contracts | 39.5 | -2.0 | -4.9 | -3.9 | 2.9 | 3.9 | |
| Financing | 88.7 | 72.0 | 14.2 | 13.7 | 22.3 | 21.9 | |
| - MFI Loans | 88.7 | 72.0 | 14.2 | 13.7 | 22.3 | 21.9 | |
(a) are excluded here several residual items
In the 4th quarter of 2020, households' financial investment slows slightly. Investment in currency and deposits stabilizes: it decreases for transferable deposits and increases for passbook savings accounts. Transactions of securities decrease, due to larger sales of non MMF investment fund shares. Life insurance and pension plans transactions remain below 2019 levels, but rise compared to the 3rd quarter. At the same time, households' debt continues to grow.
In 2020, households' financial investment rises significantly. Households increase their transferable and passbook savings accounts deposits, particularly in the 2nd quarter, marked by constraints related to the health context. Securities transactions rise, driven by acquisitions of shares and other equities. Growth in life insurance and pension plans investment slows compared to 2019. MFI loans are buoyant again despite a slowdown in the first half-year.
In 2020, households' financial investment rises significantly. Households increase their transferable and passbook savings accounts deposits, particularly in the 2nd quarter, marked by constraints related to the health context. Securities transactions rise, driven by acquisitions of shares and other equities. Growth in life insurance and pension plans investment slows compared to 2019. MFI loans are buoyant again despite a slowdown in the first half-year.
Flows of financial investment and financing (SA)![]()
EUR billions
Source and compilation: Direction Générale des Statistiques, des Études et de l'International
(*) Accounting discrepancies can occur between yearly figures and the sum of quarterly flows due to rounding differences in the series used.
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Updated on the 27th of April 2021